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President addresses G77 & China Summit in Cuba

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President Ranil Wickremesinghe delivered a compelling address at the Summit of the Heads of State and Government of the G77 & China in Havana, Cuba yesterday (15). In his speech, President Wickremesinghe emphasized the crucial role of science, technology and innovation in overcoming the current development challenges faced by developing nations worldwide.

President Wickremesinghe began by commending Cuban President Miguel Diaz-Canel Bermudez for convening the summit and acknowledging Cuba’s historic role as a champion for the concerns and aspirations of developing nations within various multilateral forums.

He noted the unprecedented challenges confronting the global South, including the pandemic, climate change, food, fertilizer and energy crises, which threaten the achievement of Sustainable Development Goals (SDGs) and exacerbate the global debt crisis.

President Wickremesinghe then delved into the historical perspective of technological development, highlighting how Europe’s advancements in the 15th century, such as gunpowder, cannons and ocean-going ships, enabled it to conquer other parts of the world, resulting in the technological divide seen today. He underscored that a new technological divide is emerging in the 21st century, necessitating the adoption of digitalization and new technologies, such as Big Data, IoT, AI, Blockchain, Biotechnology and Genome Sequencing, to bridge the gap.

He emphasised the importance of an educated manpower well equipped with knowledge and technological know-how essential for the smooth flow of the needed transformations which will lubricate the development and catching up process in developing nations. 

The President outlined his government’s initiatives, including the evaluation of underperforming Science and Technology Research Institutes and the establishment of a Technology and Innovation Council and a Digital Transformation Agency. Additionally, Sri Lanka plans to create four new universities specializing in new technologies, with one being the result of technological cooperation between India and Sri Lanka. The International Climate University will be the 05th. 

Addressing the digital divide, President Wickremesinghe cited challenges such as limited access to costly technology, insufficient digital skills and infrastructure, cultural and institutional barriers and financing constraints. 

He called for effective cooperation mechanisms within the G77 and China, including the revitalization of the Consortium of Science & Technology & Innovation for the South (COSTIS) and the commitment of member countries to earmark 1% of their GDP for R&D over a decade.

President Wickremesinghe stressed the importance of collaboration between governments and the private sector and proposed creating technological platforms in fields like digitalization, health, medication, AI and renewable energy including green hydrogen, inspired by the European Union’s Technology & Innovation Platforms. 

The brain drain from the South to the North and the resulting loss of educated manpower is another threat to the development of Science Technology and Innovation  of the South, President Wickremesinghe said, adding that China, India, Japan and South Korea have developed Science Technology and Innovation by nurturing their manpower. “Therefore we must ask for compensation from the North for the loss of our manpower,” he added.

He also urged increased South-South cooperation and proposed a scheme akin to the Colombo Plan to enhance collaboration, exchange best practices and develop policies that harness the transformational potential of science, technology and innovation.

In conclusion, President Wickremesinghe reaffirmed Sri Lanka’s commitment to supporting the new Havana Declaration and called for the collective voice of G77 and China to be heard in international fora.

The President’s address underscored the significance of science, technology and innovation in shaping the future of developing nations, making it a pivotal moment at the G77 and China Summit.

(President’s Media Division)

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Fuel prices upped

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The Ceylon Petroleum Corporation (CPC) has announced a revision of fuel prices, effective from midnight today (June 30).

The price of Petrol 92 Octane has been increased by Rs. 12 to Rs. 305 per litre, while the price of Kerosene has been increased by Rs. 07 to Rs. 185 per litre. The price of Auto Diesel has also been increased by Rs. 15, bringing it to Rs. 289 per litre.

However, the prices of Petrol 95 Octane and Super Diesel remain unchanged, according to Ceypetco.

The new fuel prices are as follows:

• Petrol Octane 92 – Rs. 305 (increased by Rs. 12)
• Auto Diesel – Rs. 289 (increased by Rs. 15)
• Kerosene – Rs. 185 (increased by Rs. 7)
• Petrol Octane 95 – Rs. 341 (not revised)
• Super Diesel – Rs. 325 (not revised)

Meanwhile, Lanka IOC has also revised retail fuel prices to match Ceypetco prices.

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“Sri Lanka, only Asian country currently holding talks to revise Trumps’ tariffs”

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Sri Lanka is the only country in the Asia region currently holding discussions with officials in the United States to revise the tariffs introduced by US President Donald Trump earlier this year, according to Minister of Labour and Deputy Minister of Economic Development Prof. Anil Jayantha Fernando.

Joining the Parliamentary debate today (30), where MPs are debating the fiscal strategy statement of the government, the Deputy Minister of Economic Development stated that they are hopeful the government will be able get a better deal from the US regarding the 44% tariff imposed earlier this year.

A Sri Lankan delegation last month held discussions in Washington, D.C., focusing on tariff-related matters, following an invitation extended by the Office of the United States Trade Representative (USTR).

The reciprocal tariffs imposed by United States President Donald Trump has been paused for 90 days at present.

Deputy Minister of Economic Development Prof. Anil Jayantha Fernando in Parliament stated that the government will take all steps within their powers to reduce the tariffs imposed by the US which will have a major bearing on many local industries.

The Deputy Minister while the government is taking such important steps to safeguard local companies, the opposition is only focused on jeopardizing the work of the present administration

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)

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Indian officials extend US visit to iron out trade deal, sources say

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Officials from India will extend their Washington visit to try to reach agreement on a trade deal with U.S. President Donald Trump’s administration and address lingering concerns on both sides, two Indian government sources said on Monday.

Trade talks between India and the U.S. have hit roadblocks over disagreements on import duties for auto components, steel, and farm goods, ahead of Trump’s July 9 deadline to impose reciprocal tariffs.

The Indian delegation had been expected to conclude discussions by last Friday, but was staying on until at least Monday evening to iron out differences and move towards an agreement, officials said, declining to be named as the discussions are private.

“There are certain disagreements over opening up the agriculture and dairy sectors, though India has offered tariff concessions on 90% of tariff lines. A final call will be taken by the political leadership of the two countries,” one of the government sources said.

“The Indian delegation could stay for another one to two days if discussions continue,” the second source said.

India’s commerce ministry and the U.S. Trade Representative Office did not immediately respond to requests for comment.

Agriculture and dairy are “big red lines” for India in its ongoing trade negotiations with the U.S., Finance Minister Nirmala Sitharaman told the Financial Express newspaper in an interview published on Monday.

“Yes, I’d love to have an agreement, a big, good, beautiful one; why not?” Sitharaman said, adding that an early conclusion of the trade deal would serve India better.

Trump said last week that America was going to have a “very big” trade deal with India, but gave no details.

(Reuters)

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